Here are the main elements of how the price cap on Russian seaborne crude oil is supposed to work.
and reinsurance companies that provide services for tankers carrying Russian crude oil, as well as institutions financing Russian crude transactions, will not be allowed to handle such cargoes unless the oil is bought at or below the price cap.unless the oil is sold at or below the $60 price cap.Providing financial and shipping services for Russian crude oil is allowed if it is bought at or below the price cap as well as in an emergency.
EU flagged vessels will be subject to penalties according to national legislation, but the EU is already working on a penalty of 5% of global turnover for companies that break EU sanctions.
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